Taxation is a term in which mandatory financial charge from each business entity and it is levied imposed on each citizen and taxpayer. Taxation depends upon the individuals or corporate. It is basically to help the government so that they Serves the people in a different ways. This Taxation system practically applies into all levels of countries. A systematic taxation should consists on these important factors and Principles are faring, adequacy, simplicity, Transparency and administrative ease. Taxes Plays a vital role to raise a country’s economy. It is used to produce more and more public expenditure. There are many governmental events and activities run by the taxation system. In the past few decade taxation system might be renowned during the 19th century, it is the most powerful idea which is mainly serves the government finance. It provides and facilitates and lessen the inequalities of this system. Taxation system provides the most compatible bridge between the each citizen and the government. In every society stabilization is more important in each system. It provides stabilization by tax policy. The taxation system is based on two classes of taxes. The direct and indirect classes, the Income tax and later in sales tax. A direct tax is totally related to the taxpayer’s ability to pay as Measured by income. The general sales tax is typically based on general public products like food and clothing and other materials. This general tax is very vast and wide range of products. We can be more digitalize and powerful by these principles.
- Distribution of tax burdens
IN this principle, we divides the tax burdens in each individuals and each business entities. So that we can lessen the inequalities.
- Horizontal equity
This is very useful agenda in taxation system. In this system, many funds are included to maintain the system and to create more opportunities.
- Economic efficiency
By this taxation system,it improves the economy efficient. Through this, government give many opportunities to the lay man.
It can stable the economy and currency in all levels. Stability plays a very important role in developing society.
To promote the taxation system, it provide convenience to the taxpayer’s. So that they can easily pay the taxes. It also requires higher ranking via this principle.
- Economic goals
It can also provide the economic goals in different fields like in finance, property and consumption in economic growth.
- Foreign trade
This taxation system gives opportunity to increase the foreign trade, to import and export the country products in different fields.
So, these are the few principles in which this system depends upon. Taxation system is highly recommended on those societies and countries in which financial institutions are responsible for these principles.
More than 50 percent government depends on taxation patterns. By this taxation patterns, it can develops the country and more capable to get strong and developing society. Similarly, another term of taxation is” tax credit refunds” it is the most powerful and very effective tool to lessen the poverty gap among people. This tool provides many options and opportunities to avail this system. In Canada this taxation applies levies in all levels throughout the country. So that they can lessen the in equalities.
Including Income Tax, Sales Tax, Federal Excise duty and Custom duty. Our legal team pertain to legal experts and specialists of tax law firm To get NTN, STRN, Filing of Tax Return’s / Wealth Statements, to appear before the taxation officer / authorities for assessment and adjudication, to filing appeals before the appellate authorities up to Supreme Court is always present.
All refund matters of Income Tax / Sales Tax are being deal in our office tax law firm in Pakistan.
Our Tax lawyer services team is very much competent to tackle the matters of maladministration before the honorable Federal Tax Ombudsman (FTO).
We can assist you in Taxation issues at Punjab Law Company